Home » News » Business » Govt to probe 325 companies related to Satyam
1-MIN READ

Govt to probe 325 companies related to Satyam

Govt to probe 325 companies related to Satyam

PricewaterhouseCoopers, Bangalore will also be investigated by the SFIO.

New Delhi: The Union Corporate Affairs Minister PC Gupta has said that Serious Fraud Investigation Office (SFIO) will be investigating up to 325 companies related to Satyam and 25 individuals.

This is beside of the 150 companies already under scrutiny. Gupta also said that PricewaterhouseCoopers, Bangalore will also be investigated by the SFIO.

"The SFIO investigation in the case of Satyam was extended to Maytas property and infrastructure. We have extended it now to 350 entities more and out of those, there are 325 companies and about 20-25 individuals," Gupta said.

"We have covered PwC Bangalore under SFIO investigation. The 325 companies are related to Satyam and Raju group and SFIO would look into the linkages between all these companies and all the individuals, their role and divergence of funds and other related issues," he said/

And there is more trouble brewing for Satyam founder and its former chairman Ramalinga Raju.

The Securities and Exchange Board of India (SEBI) has concluded its three-day interrogation of the Raju brothers.

Sources say that SEBI is unlikely to ask for further interrogation of the Raju brothers as it is satisfied with its findings so far.

SEBI has recorded statements of the Raju brothers that have enough evidence to nail both the Raju brothers. Sources say SEBI has got significant clues linking people within and outside Satyam to the scam.

They also say that more people within and outside Satyam might be questioned in relation to the scam.

Meanwhile, Styam CEO AS Murthy's top tasks are customer retention, cost control and overall financial management

Murty assured business continuity and said more than 90 per cent of Satyam's clients have said they will support the company with orders still coming in.

Satyam's re-auditing will take another eight to 12 weeks with the audit team being assisted by Partho Datta, Boston Consulting Group, KPMG and Deloitte & Touche.

first published:February 06, 2009, 20:19 IST